OpenSky® Secured Visa® Credit Card review

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Best for credit educational support

Annual Fee:
Purchase Intro APR:
Regular APR:
17.39% (variable)
Terms and Restrictions Apply

Bankrate Rating


Best for credit building or rebuilding

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $35
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 17.39 percent (variable)

Do you have no credit or bad credit? You might consider looking into a secured credit card. The OpenSky Secured Visa claims that 99 percent of its users who had no credit built up a credit score within six months of using the card.

If you’re interested in possibly opening an OpenSky credit card, we break down everything you need to know in this review.

Current sign-up bonus

The OpenSky Secured card doesn’t have a welcome offer. Like many secured cards, it focuses more on helping you build your credit rather than bringing you additional benefits. Once you get your credit built up and can qualify for a new card, you can always switch to a rewards credit card and receive a sign-up bonus.


The OpenSky Secured Card has several valuable benefits, especially for those with bad credit or no credit history. It can help you build up your credit to then qualify for an unsecured card. A secured card can even help people recovering from bankruptcy.

No credit check required

When you open an OpenSky account, the company won’t check your credit to determine if you qualify for the card. Instead, you’ll pay a security deposit between $200 and $3,000. You can get the deposit back when you close the account after you have paid everything in full. Your deposit reduces the lender’s risk, which is why it doesn’t need to check your credit.

Reports to all three major credit bureaus

OpenSky reports all of your payments to the three big credit bureaus — Experian, Equifax and TransUnion. This reporting will help you to build your credit because your on-time payments made on the card will show up on your credit report at each of the different bureaus. Just remember not to be late on any payments, since this can lower your credit score significantly.

Set your own credit limit

With the OpenSky Secured Visa, you can set how much you can spend each month, with a maximum of $3,000 (a much higher cap than many other secured cards). Your credit limit is determined based on how much you deposit into the account. If you deposit less than $3,000 to start, you can increase your limit at any time by adding more money to your OpenSky account.

Online and mobile account management

You can pay your bill and manage your account using the bank’s online portal or the OpenSky app. The app is free and available for iPhone or Android, so it should be compatible with any smartphone.

Rates and fees

The $35 annual fee for the OpenSky secured card is higher than most since many secured cards don’t charge a fee. However, the purchase APR is much lower than most other secured cards, at 17.39 percent. Even better, all cardholders are charged the same APR, while many other cards offer a wide range of possibilities based on your creditworthiness.

Other fees you might have to pay include a $6 or 5 percent cash advance fee (whichever is greater), a $38 late payment fee and a $25 returned payment fee.

How the OpenSky Secured Card compares to other secured cards

Two other secured credit cards like the OpenSky card are the Citi® Secured Mastercard® and the Discover it® Secured Credit Card.

Both charge no annual fee, unlike the OpenSky card. However, their purchase APRs are higher, so which is best for you depends on what you’re looking for in a credit card. If you plan on keeping a rolling balance, the lower APR with OpenSky could be worth paying a higher annual fee. Plus, the $3,000 credit limit is the highest of the group.

On the flip side, the Discover it® Secured Credit Card offers cardholders rewards for their purchases, while the OpenSky card doesn’t. You can get 2 percent cash back on restaurant and gas station purchases (up to $1,000 in combined purchases per quarter, then 1%) and an unlimited 1 percent cash back on everything else. It’s rare to find a secured card that also gives rewards, so that’s something to consider, as well.

Card Name Maximum Credit Limit Annual Fee Purchase APR (Variable)
OpenSky Secured Visa $3,000 $35 17.39%
Discover it® Secured Credit Card $2,500 $0 22.99%
Citi® Secured Mastercard® $2,500 $0 22.49%

Best cards to pair with the OpenSky Credit Card

If you can qualify for another credit card, you’ll probably want to find one that offers rewards, as the OpenSky Secured Visa won’t give you rewards on any of your purchases.

The Capital One QuicksilverOne Cash Rewards Credit Card is one option available to those with only fair credit. It offers a generous 1.5 percent cash back on all your purchases for a $39 annual fee — competing with some of the best cash back cards.

Bankrate’s Take — Is the OpenSky Secured Card worth it?

The OpenSky Credit Card could work well for a cardholder who needs to build up credit or fix bad or damaged credit and wants a reasonable APR. If you’re hoping to keep a balance month-over-month on your secured card, getting the lowest APR possible is a good idea.

Plus, you’ll get a higher credit limit than most secured cards, (provided you can put down a high deposit) and there’s no credit check required.

This card won’t be the best choice for anyone hoping to earn rewards, however.


  • Lower APR than the competition
  • Credit limit up to $3,000
  • No credit check required
  • Online account access


  • $35 annual fee
  • No rewards or cash back
  • 3 percent foreign transaction fee